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Acting Behind The Scenes: High Court Confirms Duties Of Shadow Directors

In Standish & Ors v The Royal Bank of Scotland Plc & Anor (the “Judgment”), the High Court confirmed that the duties owed by a shadow director are limited to the subject matter of their instructions. This alert is...more

The Shape Of Insolvencies To Come: Scrutinising The Corporate Insolvency And Governance Bill 2020

On 20 May 2020, in response to the coronavirus pandemic, the UK government published the text of the Corporate Insolvency and Governance Bill 2020 (the “Bill”), a 238-page document which sets out some of the most sweeping...more

Coronavirus Job Retention Scheme

Insolvency intersected with the UK government’s response to the coronavirus pandemic in an application to the High Court by the administrators of restaurant chain Carluccio’s. Considering the government’s Coronavirus Job...more

COVID-19 (Coronavirus): UK Government Responds With Introduction Of Chapter 11 Lite And Suspension Of Wrongful Trading Laws

This client alert summarises the recent announcement by the UK government concerning reforms to UK insolvency law to help struggling businesses, being: •US-style restructuring tools to allow companies to continue trading as...more

COVID-19 (Coronavirus): UK Government Lending Programs And Considerations For Directors

As COVID-19 continues to cause widespread economic disruption, the UK government has announced lending measures to support struggling businesses. This alert summarises: •the measures available; •key legal considerations for...more

Receivers: Possession Against Individual Mortgagors

SUMMARY- A receiver appointed under a mortgage of property owned by individuals (not a company) can claim possession of the property occupied by the mortgagors by suing in his or her own name as receiver. The court also held...more

2/13/2020  /  Borrowers , Mortgage Lenders , Mortgages

To Scheme or not to Scheme: the Key Issues Considered to Sanction the LBIE Scheme of Arrangement

Case: Lehman Brothers International (Europe) (in administration) [2018] EWHC 1980 (Ch), Hildyard J (27 July 2018) - The High Court sanctioned a complex scheme of arrangement (“Scheme") under the Companies Act 2006 (“CA...more

10/22/2019  /  EU , Insolvency , Lehman Brothers , Restructuring

The Truth about Dishonesty in Fraudulent Trading under English Law

Case: Pantiles Investments Ltd & Anor v Winckler [2019] EWHC 1298 (Ch) (23 May 2019) - A recent decision of the English High Court (the “Court”) has found a director guilty of fraudulent trading under s. 213 Insolvency Act...more

English Court Provides Guidance on Director Liability for Dividends - The High Court decision in Burnden Holdings clarifies the...

A recent decision of the High Court of Justice in England & Wales in Re Burnden Holdings (UK) Limited (in liquidation) [2019] EWHC 1566 (Ch) (“Burnden Holdings”) provides a thorough review of English dividends law, including...more

Return of Crown Preference at the Expense of Floating Chargeholders

Much controversy followed the British government’s announcement in 2018 that it intended to reintroduce a statutory priority for certain tax debts of companies subject to the UK insolvency regime. Following consultation by...more

Defrauding Creditors Through Dividends, and the Shift of Directors’ Duties

The Court of Appeal of England and Wales (“CA”) made a significant ruling on two matters affecting the powers and duties of directors of English companies....more

"No Deal" Brexit: the Bank Recovery and Resolution Directive (the ‘BRRD’) After Brexit

Government Position on Bank Recovery and Resolution Directive after Brexit - The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (the ‘BRR Regulation’) came into force on 20...more

You Say Advance, I Say Repay – What Does the Court of Appeal Say? - Clarification by the Court of Appeal (England and Wales) on...

Case: Leibson Corporation and Others v TOC Investments Corporation and Others [2018] EWCA Civ 763 (17 April 2018). The Court of Appeal of England and Wales (“CA”) has provided clarification on constructing contracts. Its...more

New UNCITRAL Model Law to Facilitate Cross-Border Restructuring and Insolvency

UNCITRAL has adopted and published a second model law to promote universalism of restructuring and insolvency. This new model law is now readily available for domestic implementation across the world. The earlier model law...more

11/15/2018  /  Insolvency , UK , UNCITRAL

English Law Routes Exhausted for Banco Esporito Santo Creditors: English Law Challenges to EU Bank Restructurings Firmly Closed...

Summary – Decision of U.K. Supreme Court - The U.K. Supreme Court has closed off a challenge to the restructuring of Banco Esporito Santo (BES) under English law. Through an emergency liquidity facility creditors had...more

Court of Appeal Judgment: Waterfall IIA Case

The Court of Appeal judgment in the so-called “Waterfall IIA” case signals the English Courts’ reluctance to impute established equitable principles in aid of construing English insolvency legislation. The Court of Appeal’s...more

10/24/2017  /  Appeals , Insolvency , Lehman Brothers , UK

Brexit Briefing: English Law Funding For European Banks In Focus As BES Creditors Left Behind… Again

The Court of Appeal has upheld the validity of Banco de Portugal’s exercise of its resolution powers, overturning last year’s decision of the High Court - The Facts - Readers familiar with this case will recall that...more

Lehman Brothers International (Europe) (In Administration) – Two Recent Judgments

Last week, the High Court ruled on the meaning of “Default Rate” in the 1992 and 2002 ISDA Master Agreements (together, the “ISDA Master Agreements”). Whilst the decision addresses a multitude of issues, perhaps the most...more

Brexit: Impact on Restructuring and Insolvency for Credit Institutions

The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and...more

Looks Like Another Test Case For EU Bank Resolution Law

Readers interested in the Banking Recovery and Resolution Directive (BRRD) no doubt have been following the ongoing travails of the Portuguese "good bank" Novo Banco SA and "bad bank" Banco Espírito Santo SA (BES). The...more

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